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CCP 01-29-2001
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CCP 01-29-2001
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<br />. <br /> <br />. <br /> <br />. <br /> <br />9 <br /> <br />LAKE JOHANNA VOLUNTEER FIREMEN'S BENEFIT ASSOCIATION, me. <br />December 31, 2000 Actuarial Valuation <br /> <br />Summary of Plan Provisions <br /> <br />A. Plan vrovisions as of December 31.2000 <br /> <br />1. Eligibility: <br /> <br />(a) Members covered: Active members of the Lake Johanna Volunteer Fire Department <br />who have been elected to membership in the Lake Johanna Volunteer Firemen's Benefit <br />Association, Inc: <br /> <br />2. Retirement dates: <br /> <br />(a) Normal retirement: The later of age 50 or after completion of20 years of service with <br />1(l years of membership. <br /> <br />3. Pension Amounts: <br /> <br />(a) Monthlv Benefit: $28.15 per month for each year of service. A lump sum of$4,615 <br />per year of service can be elected in lieu of the monthly benefit. <br /> <br />(b) Deferred Service Pension: Termination prior to age 50 with at least 10 years of service <br />and 10 years of membership. The monthly benefit payable at age 50 is based on the <br />retirement pension formula and service at date of the termination times a vesting <br />percentage. The vesting percentage is 50% after 10 years of service increasing at 5% per <br />year of service thereafter to 100% after 20 years of service. <br /> <br />4. Disability Pension: Disability resulting from injury or sickness in the line of duty and unau <br />doctor's care. The benefit payable is $80 per week not to exceed one week. <br /> <br />5. Death and Survivor Benefits: Eligible if death occurs prior to commencement of benefits with at <br />le~st 10 years of service. <br /> <br />(a) Funeral Benefit: $25.00 per month per year of service times vesting percentage, <br />payable for five years certain. <br /> <br />VAN IWAARDEN <br />
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